丨证券研究报告丨 %% %% [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨厦门银行（601187.SH） [Table_Title] 分红比例新高，利息压力改善 ——2024 年年报&2025 年一季报点评 报告要点 [Table_Summary] 厦门银行 2024 全年分红比例同比提升近 1pct 至 31.5%（占归母净利润比例），2024 年度股息 率 5.38%，在 A 股上市银行中位居前列。从长期角度，考虑厦门银行目前的资产规模基数并不 庞大，且底层资产质量没有历史包袱，新一届董事长履新后，有望在未来提升扩表速度，具备 成长空间。短期一季度业绩下滑主要受到投资收益波动影响，今年后续关注负债成本及利息净 收入改善趋势，以及银行业整体零售风险改善节奏。目前估值仅 0.57x2025PB，维持"买入" 评级。 分析师及联系人 厦门银行（601187.SH） cjzqdt11111 [Table_Title 分红比例新高，利息压力改善 2] —— ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue growth rate of 5.6% and a net profit growth rate of 5.8% for Q1 2025, with net interest income increasing by 11.6%. Non-interest income decreased by 5.8%, primarily due to a 1.3% decline in net fee income. The decline in net profit growth was mainly due to an increase in credit costs, while a reduction in income tax expenses and a decrease in the cost-to-income ratio contributed positively, resulting in a PPOP growth rate of 9.7% [2][6][11]. - The company experienced significant growth in loans and deposits, with loans increasing by 11.1% and deposits by 18.9% compared to the beginning of the period. The non-performing loan ratio remained stable at 0.76%, while the provision coverage ratio decreased by 19 percentage points to 371% [2][6][11]. - The net interest margin stood at 1.80%, down 6 basis points from the previous year, with the yield on interest-earning assets declining by 31 basis points to 3.66%. The cost of interest-bearing liabilities decreased by 22 basis points to 1.84% [11]. Summary by Sections Performance - The company's profitability remains robust, with net interest income maintaining a high growth rate of 11.6%. The decline in non-interest income is expected to improve as previous fee reductions in wealth management gradually dissipate. The net profit growth deceleration is attributed to rising credit costs, but the overall performance remains strong with a PPOP growth of 9.7% [11]. Scale - The total assets grew by 8.7% compared to the beginning of the year, with loans increasing by 11.1% and deposits by 18.9%. The growth in corporate and bill loans was particularly strong, while retail loan demand showed signs of weakness [11]. Interest Margin - The company maintains a clear advantage in absolute levels of net interest margin, although it has seen a slight decline. The cost of liabilities is expected to continue decreasing, which may alleviate some pressure on the net interest margin [11]. Non-Interest Income - The pressure on non-interest income is expected to improve, with a smaller decline in fee income. Investment income has been cautious, and the company has not significantly released investment gains to boost revenue [11]. Asset Quality - The non-performing loan ratio remains low, and the company is closely monitoring retail risk. The annualized net non-performing loan generation rate for Q1 2025 was 1.14%, showing a decrease compared to the previous year [11]. Investment Recommendation - The strong growth in net interest income and the expectation of improving retail risk conditions support the "Buy" rating. The current valuation is at 0.70x 2025 PB, indicating no significant premium compared to peers, with potential for upward valuation adjustments if retail asset quality improves [11].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" and is maintained [9]. Core Views - The report highlights a slight decline in revenue growth of -0.1% and a net profit decrease of -2.6% for Q1 2025, with interest income down by 3.8%. However, non-interest income saw a significant increase of 14.8%, driven by an 8.8% growth in fee income and a 21.7% rise in other non-interest income [2][10]. - The bank has effectively reduced management expenses, leading to a 6.5% increase in Pre-Provision Operating Profit (PPOP). The bank's self-operated deposits increased by over 100 billion year-on-year, contributing to lower funding costs [2][10]. - The report projects a future dividend yield of 4.3% for A shares and 4.9% for H shares, considering potential dilution from a private placement [2][10]. Summary by Sections Financial Performance - Q1 2025 revenue growth was -0.1%, with net profit down 2.6% and interest income down 3.8%. Non-interest income growth was robust at 14.8%, with fee income up 8.8% and other non-interest income up 21.7% [2][10]. - The bank's total assets grew by 3.5% compared to the beginning of the year, with loans increasing by 5.0%. Corporate loans rose by 9.9%, while retail loans grew by 1.4% [10]. Cost Management - The bank has initiated proactive adjustments to agency fees, resulting in a 4.6% decrease in business management expenses year-on-year, which has positively impacted PPOP growth [10]. Asset Quality - The non-performing loan (NPL) ratio increased slightly to 0.91%, while the provision coverage ratio decreased to 266%. The report indicates that the increase in NPLs is primarily due to retail sector risks [6][10]. Dividend and Valuation - The report estimates a dividend yield of 4.3% for A shares and 4.9% for H shares, with a price-to-book (PB) ratio of 0.61x for A shares and 0.52x for H shares for 2025 [10][26].

Q1 扭亏为盈，重视卫星业务进展 2025 年 05 月 03 日 ➢ 事件：2025 年 4 月 29 日，上海瀚讯发布 2024 年年报及 2025 年一季报， 2024 年公司实现营业收入 3.53 亿元，同比+12.97%，亏损由 2023 年的 1.90 亿元收窄至 1.24 亿元；2025Q1 公司实现营业收入 1.26 亿元，同比+84.41%， 实现归母净利润 0.13 亿元，较 2024Q1 实现扭亏。 ➢ 24 年费用结构明显优化，25Q1 毛利率环比回升。公司 2024 年销售费用 率、管理费用率、研发费用率分别为 8.4%、17.0%、57.1%，较 2023 年的 11.1%、 13.9%、81.5%分别-2.7pcts、+3.1pcts、-24.4pcts，整体费用结构不断优化。 2025Q1 公司毛利率水平达 37.56%，较 2024Q4 的 25.63%回升明显，我们认 为主要系公司产品结构调整所致。 ➢ 政策不断鼓励支持引导商业航天发展，产业迎黄金发展机遇。2025 年政府 工作报告中明确提及：培育壮大新兴产业、未来产业。深入推进战略性新兴产业 融合集群发展。开展新技术新产 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Views - The company experienced a revenue decline of 9.15% year-on-year in Q1 2025, with a revenue of 1.04 billion yuan, while the net profit attributable to shareholders increased by 7.25% to 46 million yuan. In 2024, the company reported a revenue of 4.92 billion yuan, down 23.17%, and a net profit of 53 million yuan, down 92.44% [1][2]. - The company faced challenges in 2024 due to industry client adjustments and cyclical fluctuations, but Q1 2025 showed signs of recovery with a net profit reversal. The company has increased its R&D investments in emerging fields such as BeiDou, unmanned systems, satellite internet, and AI [1][2][3]. - The company is deepening its involvement in national satellite internet projects, enhancing its competitive edge. It has completed multiple product in-orbit experiments and expanded its business scope to include network operation and maintenance services [3][2]. Financial Summary - In 2024, the company's gross profit margin was 28.79%, significantly impacted by Q4, which had a gross profit margin of 24.91%. The gross profit margin for Q1 2025 improved to 27.37%, indicating a recovery trend [2][4]. - The company’s R&D expenses reached 945 million yuan in 2024, a year-on-year increase of 1.23%, with an R&D expense ratio of 19.22% [2][4]. - The forecast for the company's financial performance shows expected revenues of 6.74 billion yuan in 2025, with a growth rate of 37%, and net profits of 556 million yuan, reflecting a significant recovery from 2024 [4][10].

公司报告 | 首次覆盖报告 泛亚微透（688386） 证券研究报告 e-PTFE 膜隐形冠军，深耕利基市场盈利能力强 2.增长极 1：CMD 放量。公司 CMD 产品 2021-2023 年收入增长 6.5 倍，24 年营收占比达 27.6%；该产品单车价值量 19 元（2 个/车），已配套奔驰、 蔚来等，新募投项目满产后年产值可达 2.88 亿元，有望带来中期业绩弹性。 3.增长极 2：气凝胶。公司 2024 年气凝胶收入 6512 万元（同比+46.5%）， 毛利率 35%；在建产能 30 万平米/年，订单稳定性较高，民用领域（石化、 储能）拓展值得期待。 3.增长极 3：线束业务已经放量。2023 年公司增资入股凌天达，该公司产 品广泛用于航空航天等领域。2024 年公司成立了汽车线束事业部，主要从 事汽车用高性能线束的生产、研发，2024 年已实现营收。 公司是国内稀缺的掌握高端 e-PTFE 膜以及气凝胶核心技术的材料企业，发 展对标美国戈尔，通过"技术深耕+应用创新"构建了显著的竞争壁垒。公司 以汽车领域为基本盘，积极拓展新能源、军工等高成长赛道，形成传统业 务稳增长、新兴业务快放量的良性发展格局 ...

证券研究报告·公司点评报告·汽车零部件 岱美股份（603730） 2024 年年报及 2025 年一季报点评：公司经营整体 稳健，顶棚新品类打开成长空间 2025 年 05 月 03 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,861 | 6,377 | 7,245 | 8,350 | 9,611 | | 同比（%） | 13.90 | 8.80 | 13.61 | 15.26 | 15.10 | | 归母净利润（百万元） | 653.98 | 802.18 | 926.93 | 1,090.76 | 1,279.98 | | 同比（%） | 14.77 | 22.66 | 15.55 | 17.68 | 17.35 | | EPS-最新摊薄（元/股） | 0.40 | 0.49 | 0.56 | 0.66 | 0.77 | | P/E（现价&最新摊薄） | 20.22 | 16.48 | 14.26 ...

日月股份（603218.SH）2024 年年报及 2025 年一季报点评 铸件龙头纵横拓展，有望实现量利双升 2025 年 05 月 03 日 ➢ 事件：2025 年 4 月 29 日，公司发布 2024 年年报和 2025 年一季报。 公司 2024 年实现营业收入 46.96 亿元、同比增长 0.87%；归母净利润 6.24 亿元、同比增长 29.55%，增长的主要原因在于 Q2 转让电站产生投资收益 2.7 亿元；扣非归母净利润 3.33 亿元、同比减少 21.57%。 单季度来看，公司 2024Q4 实现营业收入 15.11 亿元，同比增长 34.26%、 环比增长 8.19%，实现归母净利润 1.17 亿元，同比下降 8.81%、环比增长 37.98%，实现扣非归母净利润 1.10 亿元，同比下降 3.68%、环比增长 56.78%。 25Q1 公司实现营业收入 13.01 亿元，同比增长 86.41%，实现归母净利润 1.21 亿元，同比增长 39.14%，实现扣非归母净利润 1.05 亿元，同比增长 49.42%。 盈利水平方面，公司 2024 年毛利率 17.34%、同比-1.32pcts，净 ...

公司报告 | 年报点评报告 海澜之家（600398） 证券研究报告 期待京东奥莱加速开店 公司发布 24 年报和 25 年一季报 25Q1：营收 62 亿，同比+0.16%；归母净利润 9 亿，同比+5%；扣非归母净 利润 9 亿，同比+6%； 24Q4：营收 57 亿，同比-4%；归母净利润 2.5 亿，同比-50%；扣非归母净 利润 2.7 亿，同比-45%； 24A：营收 210 亿，同比-3%；归母净利润 22 亿，同比-27%；扣非归母净 利润 20 亿，同比-26%。 分品牌，1）24 年海澜之家系列营收 153 亿，同比-7%，毛利率 47%，同比 +1pct。直营店 1468 家，净增 216 家，加盟店及其他 4365 家，净减 359 家。 连续开业 12 个月以上直营门店店效 280 万元，同比-11%。 25Q1 海澜之家系列营收 46 亿，同比-10%，毛利率 49%，同比+3pct。直营 店 1510 家，较年初净增 42 家，加盟店及其他 4302 家，较年初净减 63 家。 2）24 年海澜之家团购定制系列营收 22 亿，同比-3%，毛利率 40%，同比 -7pct。 25Q1 ...

25 年一季度业绩大幅改善 多因素导致 24 年亏损扩大 25 年一季度公司实现营业收入 9428 万元，同比增长 80%、环比增长 35%， 归母净利润-750 万元，同比减亏 1195 万元，环比减亏 2885 万元。一季 度收入大幅增长，主要来自市场拓展较好，高功率产品收入增长，同时前 期布局的光通信等产品获得终端客户认可并实现批量出货，部分贡献了一 季度收入。1Q25 单季毛利率为 28.7%，同比提升 3pct、环比提升 15pct。 长光华芯（688048） 证券研究报告 1Q25 业绩好转，光通信芯片布局完善 公司发布 24 年年报及 25 年一季报，24 年实现营业收入 2.73 亿元，同比 减少 6%，归母净利润-9974 万元，亏损扩大 779 万元，扣非归母净利润-1.46 亿元，亏损扩大 3359 万元。业绩下滑主要原因为：1）激光器市场竞争激 烈，工业市场光纤耦合模块等产品价格进一步下滑；2）存货水平较高， 相应的资产减值准备计提影响了利润；3）23 年购买的信托产品出现兑付 风险，23 年确认 4800 万元公允价值变动损失，24 年确认 1200 万元损失； 4）政府补助减少，其 ...